Tencent Holdings Limited

AI Strengthened Existing Core Businesses

Increasing Investments and Upgrading AI Capabilities to Capture New Opportunities

HONG KONG, March 18, 2026 /PRNewswire/ -- Tencent Holdings Limited (HKEX: 00700 (HKD Counter) and 80700 (RMB Counter), "Tencent" or "the Company"), a world-leading Internet and technology company in China, today announced the audited consolidated results for the year ended 31 December 2025 ("FY2025") and the unaudited consolidated results for the quarter ended 31 December 2025 ("4Q2025").

Mr. Ma Huateng, Chairman and CEO of Tencent, said, "We sustained healthy growth rates in 2025, as AI capabilities improved our ad targeting and supported more engagement with our games, and as our cloud business delivered improving revenue growth and profit at scale. Our highly resilient and cash generative core businesses provide us with the resources to fund our increasing investments in AI, including recruiting top-tier AI talent and upgrading our AI infrastructure. The increasing intelligence of our HY 3.0 large language model, and the utility of our AI products such as Yuanbao, WorkBuddy, and QClaw, are encouraging early signs that these investments will unlock new opportunities. People enjoy consuming and being entertained, and derive satisfaction from creating and being productive, and it is Tencent's privilege to provide AI services that can enhance our users' capabilities across these dimensions."

FY2025 Financial Highlights

Revenues: +14% YoY, gross profit: +21% YoY, non-IFRS^[1] operating profit: +18% YoY

• Total revenues were RMB751.8 billion, up 14% over 2024 ("YoY").
• Gross profit was RMB422.6 billion, up 21% YoY.
• On a non-IFRS basis, which is intended to reflect core earnings by excluding certain one-time and/or non-cash items:
  • Operating profit was RMB280.7 billion, up 18% YoY. Operating margin increased to 37% from 36% last year.
  • Net profit was RMB 267.0 billion, up 18% YoY.
  • Net profit attributable to equity holders of the Company was RMB259.6 billion, up 17% YoY.
  • Basic earnings per share were RMB28.577. Diluted earnings per share were RMB27.877.
• On an IFRS basis:
  • Operating profit was RMB241.6 billion, up 16% YoY. Operating margin was stable at 32% compared to 2024.
  • Net profit was RMB229.8 billion, up 17% YoY.
  • Net profit attributable to equity holders of the Company was RMB224.8 billion, up 16% YoY.
  • Basic earnings per share were RMB24.749. Diluted earnings per share were RMB24.153.
• Capital expenditure was RMB79.2 billion, up 3% YoY.
• Total cash was RMB494.9 billion, up 19%. Free cash flow was RMB182.6 billion, up 18% YoY. Net cash position totalled RMB107.1 billion, up 40%.
• The fair value of our shareholdings^[2] in listed investee companies (excluding subsidiaries) totalled RMB672.7 billion as at 31 December 2025, compared with RMB800.8 billion as at 30 September 2025. The carrying book value of our shareholdings in unlisted investee companies (excluding subsidiaries) was RMB363.1 billion as at 31 December 2025, compared with RMB345.2 billion as at 30 September 2025.
• During FY2025, the Company repurchased approximately 153.4 million shares on the Hong Kong Stock Exchange for an aggregate consideration of approximately HKD80.0 billion.

FY2025 Management Discussion and Analysis

Revenues from VAS increased by 16% year-on-year to RMB369.3 billion for the year ended 31 December 2025. Domestic Games revenues were RMB164.2 billion, up 18% year-on-year, underpinned by robust performance of recently released Delta Force, as well as higher revenues from evergreen games^[3] such as Honour of Kings and Peacekeeper Elite, and from VALORANT franchise (PC and mobile). International Games revenues were RMB77.4 billion, up 33% year-on-year (32% on a constant-currency basis), reflecting higher revenues from Supercell's games and PUBG MOBILE, as well as incremental revenue contribution from Wuthering Waves. Social Networks revenues rose by 5% year-on-year to RMB127.7 billion, due to growth in Video Accounts live streaming revenue, music subscription revenue and app-based game virtual item sales.

Revenues from Marketing Services increased by 19% year-on-year to RMB145.0 billion for the year ended 31 December 2025, primarily driven by growth in pricing and ad impressions. Pricing benefitted from AI-powered ad targeting, advertisers using AI to create more ads, and an increasing proportion of closed-loop ads (where the user clicks through to native transactional experiences, such as Mini Programs, Mini Shops, or Mini Games). Impression growth benefitted primarily from greater user engagement with products including Video Accounts and Weixin Search, and modest increases in ad load. Advertising spending grew across most major industry categories during the year.

Revenues from FinTech and Business Services grew by 8% year-on-year to RMB229.4 billion for the year ended 31 December 2025. FinTech Services revenues increased at a high single-digit rate year-on-year, due to higher revenues from wealth management services, consumer loan services, and commercial payment activities. Business Services revenues rose by a high-teens rate year-on-year, reflecting increased domestic and international demand for cloud services, including demand for AI-related services, as well as higher eCommerce technology service fees, underpinned by growth in Mini Shops GMV.

Operating Metrics

FY2025 Business Review and Outlook 

• We expanded our evergreen games portfolio with the breakout success of Delta Force, and reinforced our existing evergreen games, such as Honour of Kings and Peacekeeper Elite.
• Our International Games revenue surpassed USD10 billion in the year, driven by the sustained growth of our evergreen games and rapid expansion of our content-driven games.
• By deploying AI in games, we accelerated our content production, improved the user experience and enhanced our marketing efficiency.
• We upgraded our adtech foundation model and introduced automated campaign solution AIM+, delivering above-industry revenue growth in Marketing Services, while our ad load remained at a much lower level than peers'.
• Video Accounts' total user time spent increased over 20% year-on-year, benefitting from upgraded content recommendation algorithms and enriched content ecosystem.
• We grew user engagement with Mini Shops, Mini Games and other content-related Mini Programs at rapid year-on-year rates', by strengthening Weixin's commerce experience and content ecosystem.
• Tencent Video maintained its leading position in China's long-form video market with year-on-year growth in video subscribers. Tencent Music extended its leading position in China's music streaming market with year-on-year growth in ARPU and subscribers.
• Tencent Cloud achieved profit at scale due to increased enterprise demand for AI workloads, higher contributions from market-leading PaaS and SaaS products, and optimsed supply chain.
• Through deepened cooperation with licensed financial institutions and prudent risk management, we sustained healthy revenue growth in FinTech.
• Leveraging our proprietary data and abundant use cases, our HY foundation models became industry leaders in multimodal capabilities including 3D, text-to-image and World modeling.
• We upgraded our team with top AI talent, built processes for improving foundation model intelligence in a systematic way, and deployed new AI capabilities in services including Yuanbao and Weixin.

FY2025 Sustainability Initiatives Highlights

• Our Giving for Good campaign promoted charity as part of everyday life, by leveraging our social network, digital tools and offline partners, users engaged in over 530 million philanthropic acts.
• Through our XPLORER PRIZE and New Cornerstone Investor Program, which aim at helping scientists to pursue original breakthroughs in fundamental research, we have supported over 430 outstanding scientists.
• By improving energy efficiency, advancing our transition to green electricity and implementing supply chain decarbonisation initiatives, we are well on track to reach our carbon neutrality target by 2030.
• Our efforts in sustainability development were recognised with inclusion in major ESG indices, improvements in ESG ratings such as an MSCI rating upgrade from BBB to A, and ESG awards.

4Q2025 Financial Highlights

Revenues: +13% YoY, gross profit: +19% YoY, non-IFRS operating profit: +17% YoY

• Total revenues were RMB194.4 billion, up 13% over the fourth quarter of 2024.
• Gross profit was RMB108.3 billion, up 19% YoY.
• On a non-IFRS basis, which is intended to reflect core earnings by excluding certain one-time and/or non-cash items:
  • Operating profit was RMB69.5 billion, up 17% YoY. Operating margin increased to 36% from 34% last year.
  • Net profit was RMB 66.7 billion, up 18% YoY.
  • Net profit attributable to equity holders of the Company was RMB64.7 billion, up 17% YoY.
  • Basic earnings per share were RMB7.144. Diluted earnings per share were RMB6.966.
• On an IFRS basis:
  • Operating profit was RMB60.3 billion, up 17% YoY. Operating margin increased to 31% from 30% last year.
  • Net profit was RMB59.1 billion, up 15% YoY.
  • Net profit attributable to equity holders of the Company was RMB58.3 billion, up 14% YoY.
  • Basic earnings per share were RMB6.433. Diluted earnings per share were RMB6.276.
• Capital expenditure was RMB19.6 billion, down 46% YoY.

4Q2025 Management Discussion and Analysis

Revenues from VAS increased by 14% year-on-year to RMB89.9 billion for the fourth quarter of 2025. Domestic Games revenues were RMB38.2 billion, up 15% year-on-year, driven by Delta Force, increased revenues from VALORANT franchise (PC and mobile), as well as incremental revenue contribution from Wuthering Waves. International Games revenues were RMB21.1 billion, up 32% year-on-year (31% on a constant-currency basis), primarily due to higher revenues from Supercell's games and PUBG MOBILE, alongside incremental revenue contribution from Wuthering Waves. Social Networks revenues grew by 3% year-on-year to RMB30.6 billion, reflecting growth in Video Accounts live streaming revenue and music subscription revenue.

Revenues from Marketing Services were RMB41.1 billion for the fourth quarter of 2025, up 17% year-on-year. Enhancements to AI-powered ad targeting and expansion of closed-loop marketing capabilities within the Weixin ecosystem boosted ad performance and pricing, and represented the main drivers of growth. Ad impressions increased slightly, due to greater user engagement and modest increases in ad load.

Revenues from FinTech and Business Services increased by 8% year-on-year to RMB60.8 billion for the fourth quarter of 2025. FinTech Services revenue growth was mainly due to higher revenues from wealth management services and commercial payment activities. Business Services revenue growth accelerated to 22% year-on-year, reflecting higher cloud services revenues across domestic and international markets, including revenues for AI-related services, as well as higher eCommerce technology service fees, mainly arising from growth in Mini Shops GMV.

For other detailed disclosure, please refer to our website https://www.tencent.com/en-us/investors.html, or follow us via Weixin Official Account (Weixin ID: TencentGlobal).

About Tencent

Tencent uses technology to enrich the lives of Internet users.

Our communication and social services, Weixin and QQ, connect users with each other and with digital content and services, both online and offline, making their lives more convenient. Our targeted marketing services helps advertisers reach out to hundreds of millions of consumers in China. Our FinTech and business services support partners' business growth and assist their digital upgrade.

Tencent invests heavily in talent and technological innovation, actively promoting the development of the Internet industry. Tencent was founded in Shenzhen, China, in 1998. Tencent has been listed on the Main Board of the Stock Exchange of Hong Kong since 2004.

Investor contact: IR@tencent.com

Media contact: GC@tencent.com

Non-IFRS Financial Measures

To supplement the consolidated results of the Group ("the Company and its subsidiaries") prepared in accordance with IFRS, certain additional non-IFRS financial measures (in terms of operating profit, operating margin, profit for the period, profit attributable to equity holders of the Company, basic EPS and diluted EPS) have been presented in this press release. These unaudited non-IFRS financial measures should be considered in addition to, not as a substitute for, measures of the Group's financial performance prepared in accordance with IFRS. In addition, these non-IFRS financial measures may be defined differently from similar terms used by other companies.

The Company's management believes that the non-IFRS financial measures provide investors with useful supplementary information to assess the performance of the Group's core operations by excluding certain non-cash items and certain impact of investment-related transactions. In addition, non-IFRS adjustments include relevant non-IFRS adjustments for the Group's major associates based on available published financials of the relevant major associates, or estimates made by the Company's management based on available information, certain expectations, assumptions and premises.

Forward-Looking Statements

This press release contains forward-looking statements relating to the business outlook, estimates of financial performance, forecast business plans and growth strategies of the Group. These forward-looking statements are based on information currently available to the Group and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realised in the future. Underlying these forward-looking statements are a lot of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements.

CONDENSED CONSOLIDATED INCOME STATEMENT 

RMB in millions, unless specified

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

RMB in millions, unless specified

OTHER FINANCIAL INFORMATION 

RMB in millions, unless specified

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 

RECONCILIATIONS OF THE GROUP'S NON-IFRS FINANCIAL MEASURES TO THE NEAREST MEASURES PREPARED IN ACCORDANCE WITH IFRS

RECONCILIATIONS OF THE GROUP'S NON-IFRS FINANCIAL MEASURES TO THE NEAREST MEASURES PREPARED IN ACCORDANCE WITH IFRS

View original content:https://www.prnewswire.com/apac/news-releases/tencent-announces-2025-annual-and-fourth-quarter-results-302717280.html

SOURCE Tencent

The Latest GVoice Brings Revolutionary Upgrade to In-Game Player Journey and Immersion

SAN FRANCISCO , March 10, 2026 /PRNewswire/ -- At the Game Developer's Conference (GDC) 2026, Tencent Cloud, the cloud business of global technology company Tencent, electrified GDC 2026 with AI‑powered breakthroughs for the games industry, introducing a new wave of AI-powered solutions set to redefine how games are developed, played, and protected. From intelligent in-game communication to next-gen security, these innovations are shaping the future of gaming by connecting players, streamlining development, and raising the bar for immersive experiences. 

Positioned as a leader in "Omdia Market Radar: Cloud Platforms for Games – 2025" report, Tencent Cloud is leveraging decades of gaming expertise to empower developers around the world. The company is now extending that deep industry expertise through a new generation of AI-driven solutions.

Tencent Games GVoice: AI for Intelligent Connection

Leading the charge is Tencent Cloud's flagship, newly upgraded Game Multimedia Engagement Solution (GMES), formerly known as the Game Multimedia Engine (GME), which signifies a strategic expansion into an integrated, AI-fueled suite that powers the entire game lifecycle. The first taste of this future is GVoice, an upgrade that intelligently connects billions of players across the globe.

Building on clear, smooth, and real-time in-game interaction capabilities, GVoice integrates cutting-edge AI technology to introduce a wealth of game-changing features:

• AI-Enhanced Voice: Provides AI real-time conversation features with built-in Automatic Speech Recognition (ASR), interruption handling, and directional voice pickup to ensure accurate and crystal-clear voice input. As a high-performance voice gateway, it enables developers to seamlessly connect with LLMs and TTS to create innovative gameplay such as "AI Teammates" and immersive conversational experiences.
• Magic Voice: Next-generation AI voice-changing technology powered by the GVoice AI voice engine, allowing players to effortlessly change their voice, express personality, break the ice, and communicate naturally during team play.
• Real-Time Translation: Enables seamless global collaboration by providing instantaneous, borderless translation, making cross-region teamwork smooth and effortless.

Shichuan Liu, Director of Game Solutions at Tencent Cloud, said, "Games today are more than entertainment—they are vibrant communities where players connect, collaborate, and create together. As the latest upgraded solution within our GMES ecosystem, GVoice is designed to strengthen those connections, offering instant responsiveness, effortless translation across languages, and interactions that sound natural and engaging. At GDC 2026, we are showcasing how this next‑generation upgrade can reshape the very fabric of multiplayer experiences—making them richer, safer, and more inclusive—so players everywhere can strategize, celebrate, and build friendships without limits."

From casual mobile titles to massive multiplayer worlds such as PUBG MOBILE and Delta Force, GVoice supercharges communication across five continents—supporting diverse gaming scenarios and enabling players everywhere to connect, strategize, and celebrate without barriers.

AI-Powered Security: Safeguarding Every Level of the Gaming Experience

As game worlds become more dynamic and globally connected, Tencent Cloud is elevating game security and performance with holistic, AI-powered security solutions. Combining the strengths of EdgeOne and Anti-Cheat Expert (ACE), Tencent Cloud offers a multi-layered defense system designed to protect game integrity, ensure fair play, and enhance player trust—without compromising performance.

Tencent Cloud's EdgeOne unifies performance and protection to safeguard and accelerate every gaming experience. Designed to be Built around the version of "Built for Play. Spark More.", it delivers rock-solid server stability and ultra-low latency edge AI inference, boosting both game security and player immersion with lifelike NPC interactions. EdgeOne's core strength lies in its integrated AI‑Power Security and AI Compute at the Edge.

• AI‑Powered Security
  • Protect Content: Detect and control AI crawler traffic
  • Stop Attacks: Reduce malicious traffic from 80% to 0.2% in real time
• AI Compute at the Edge
  • AI Inference: Run elastic, managed edge inference
  • Edge Functions: Secure execution with 0.5ms cold start

Take Delta Force as an example, Tencent Cloud EdgeOne powers this popular title with full-link acceleration and security, protecting massive connections via Layer 4 TCP acceleration, DDoS defense and Anycast, and securing payments and accounts with Layer 7 dynamic protection.

Complementing this is ACE, Tencent Games' one-stop game defense system with over 20 years of technical accumulation, adhering to "Game On, Cheats Gone". ACE builds a full-scenario real-time anti-cheat system via AI-powered behavioral detection and scenario-oriented security architecture. Trusted by titles such as Soul Knight Prequel, ACE features a humanized closed-loop governance system and provides scalable solutions for all developers to co-build a fair global game ecosystem.

Comprehensive AI Toolkit to Streamline Content Production

During GDC 2026, Tencent also showcased its recently launched HY 3D AI creation engine, a solution that allows enterprises to generate high-quality 3D assets from a variety of multimodal inputs – including text, images and sketches – within minutes. These capabilities can be applied to major verticals including 3D asset design, digital twins, media production, advertising, e-commerce as well as 3D printing. For example, Germany's 3D AI Studio is building better tools with this solution to enable their users to create 3D content faster; Lithunia's CGTrader plans to launch a transformative generative AI workflow designed to help its global creator community to accelerate workflows; and Germany's Maxon is integrating the HY 3D model engine into its Academy Award‑winning Cinema 4D tool on iPad and desktop, with availability planned for late 2026.

Furthermore, Tencent Cloud's Agent Development Platform (ADP) is empowering the gaming industry by enabling studios to build dynamic, knowledge-driven ecosystems. By combining RAG with complex workflow automation and multi-agent collaboration, the platform unlocks powerful use cases: from providing real-time Q&A across massive studio knowledge bases to accelerating artist onboarding and streamlining compliance with production standards. This integrated approach lays solid foundation for advanced agentic capabilities in game development.

Powering Global Gaming Success

Tencent Cloud's leadership in gaming cloud solutions is reinforced by its pivotal role in supporting some of the world's most successful and widely played game titles. From PUBG MOBILE, which has surpassed one billion global downloads, to Honor of Kings, a consistent top-grossing mobile title, Tencent Cloud provides the backbone for performance at scale. The company also powers blockbuster releases from renowned developers such as Love and Deepspace, Ragnarok Online 3, Lucky Defense, Soul Knight Prequel and NetMarble etc. With millions of concurrent players connected globally, Tencent Cloud brings deep domain expertise and proven reliability to live-service games of all sizes and genres.

Guided by its brand vision—Play Well with Tencent Cloud—the company is committed to enabling gaming clients to thrive in their business through improved efficiency and scalability to achieve long-term success. Tencent Cloud equips developers with accessible, AI-powered tools to bring their creative visions to life more quickly and effectively, while delivering richer, more meaningful experiences for players around the world. Through intelligent connection, accelerated creation, and trusted security, Tencent Cloud is redefining what it means to play well—across every part of the gaming ecosystem.

Learn more about Tencent Cloud's Gaming Expertise: Where Great Games Take Flight

About Tencent Cloud:

Tencent Cloud, one of the world's leading cloud companies, is committed to creating innovative solutions to resolve real-world issues and enabling digital transformation for smart industries. Through our extensive global infrastructure, Tencent Cloud provides businesses across the globe with stable and secure industry-leading cloud products and services, leveraging technological advancements such as cloud computing, Big Data analytics, AI, IoT, and network security. It is our constant mission to meet the needs of industries across the board, including the fields of gaming, media and entertainment, finance, healthcare, property, retail, travel, and transportation.

Photo - https://mma.prnewswire.com/media/2930089/Shichuan_Liu__Director_of_Game_Solutions_at_Tencent_Cloud.jpg

Photo - https://mma.prnewswire.com/media/2930090/GVoice_Real_Time_Voice_Style_Switching.jpg

FONTE Tencent Cloud